A 60-year-old man in Paphos lost more than €65,000 after falling victim to an online investment scam and then a second fraud promising to recover his money, police said on Friday.

According to police, the man reported that he was contacted in early June by an unknown Russian-speaking woman who offered him the opportunity to invest in shares related to oil, gold and other metals.

Following her instructions, he opened a link sent through a messaging application and created a profile on an unknown website, through which he was guided into making investments.

Between June 9 and July 29, the man transferred a total of €51,326 to bank accounts abroad provided by the woman.

After his supposed investment appeared to have generated a substantial profit, he attempted to contact the woman but received no response and realised he had been defrauded.

However, days later, on August 3, he was contacted through a messaging application by another unknown person, this time a man who claimed to work for a company specialising in recovering money lost through online scams.

The man allegedly promised that he could recover €280,000 for the victim.

Between August 3 and 31, the 60-year-old transferred a further €14,000 to overseas bank accounts to cover supposed fees, commissions, insurance and taxes.

When no money was recovered, he realised he had been defrauded for a second time.

Police urged the public to exercise particular caution when making investments online and to deal only with recognised companies and authorised financial advisers.

They also warned people against giving others access to electronic devices or online accounts and stressed that personal and banking information should never be disclosed.